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Bitcoin Fees Explained

https://get.exodus.io/2Zxanl8

#exodus #exoduswallet #bitcoin #crypto
Bitcoin transaction fees explained in simple terms. This video gets to the basics of Bitcoin fees and how bitcoin transaction fees are determined.

What are fees?
How are fees calculated?
Why do we pay fees?
Who receives the fees?
Are there networks without fees?

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39 Comments

  1. These Miners are takin CHUNKS of our money CRYPTO is only Useful too make a quick FLIP not too use daily. Its not going too overthrow thro the Dollar. The price is not steady which makes it hard too determine the value of a merchandise in crypto. Its not green. Too many BOGUS ALT COINS scams. Even the smart traders r lyin too hold so they don lose their money and once they make a huge flip they sell

  2. I bought $220 worth of DAI from Coinbase and sent it to my exodus wallet. Then I purchased $100 then $80 (two separate transactions) of BTC from exodus them converted it to DAI. Now I only have $330 worth of DAI. No one will tell me how I was charged $70 in fees for just $400.

  3. hello, same problem here. i want to withdraw 316€ of btc and the fees for a NORMAL SPEED (sat/byte 174) i'ts 145€ !!! it's almost the alf just for fees looool.
    i can choose the transaction speed to reduce the fees, but if i want to pay the minimum fees witch is (sat/byte 25) it's stil 20.87€ ! stil very expensive and because of the very slow confirmation speed, i have a red dot. that means because of the slow confirmation speed my transaction could nor be execute on time and then fail.
    i know it's not exodus fault, but it's seem's crazy to me to pay almost 50% on my transaction in fee, to have a normal processing transaction.
    i mean what is the point of bitcoin then ? same problem whith eth but at least the 2.0 version is coming to fix that problem.
    anyway is it normal for you guy's ? what can i do wait until the end of the bullrun ??
    PS: sorry for my english i am french.

  4. This often explained when you YouTube " reduce bitcoin fees" but its not the biggest problem.

    I want to send my biddy £10 in bitcoin for splitting the pizza.
    Bitcoin transaction fee is 50P… cool no problem I don't mind, £10.50 it is…
    Wait its also £8 for wallet transaction fee….. £18.50…. hell no, I will use fiat.

    Wallet fees are killing implementation of bitcoin as a currency. (numbers are completely made up but you get the point)

  5. Hi. I have a question. im new and wanna try your app before spending bigger mount. i tried with 100 dollar. after the 100 dollar went to the account in bitcoin, i traided about half or so to Ethereum in the app. then i only had a total of 81.4 dollar. offcouse i want to pay, nothing is free, but i dont want to put bigger mount in before i can see, why i paid 20% just to traid? hope you answar. regards.

  6. your videos are great.. but need some info..the exchange i bough my BTC from..i sent to binance but its been 6 days now and still no bitcoin. i talk with the customer service and was told its still waiting to be confirm "after 6 days" do that sound right to you, also when i check the blockchain it say under; Transactions 208 total Received 7.06543087 BTC total sent 6.91883087 BTC Final balance 0.246600 is my btc lost for ever.. i am a old guy i don't know how to read @t. if is stuck forever, can i get my money back from the exchange where i bough with cash BTC. . can anybody tell me what to do?

  7. My Exodus wallet got hacked when nobody knew the passphrase except for me (also, I had made no transactions). The $2,500 worth bitcoins I had on my exodus wallet became 0, I contacted the support and they just sent me one email (which I think was auto-generated) and then, I was ignored. It has happened before to others too. Check this out: https://www.youtube.com/watch?v=vHHbaWsUsuw
    PLEASE DO NOT TRUST EXODUS (THE SCAMMERS WITH A GREAT UI) TO KEEP YOUR HARD-EARNED MONEY.

  8. Exodus does not allow you to set your fees for Bitcoin. It will always choose the fastest, the most expensive fee, by default.
    This issue limits our freedom and results in crazy fees…
    I like Exodus but this is such a big problem for me that I choose another wallet that allow you to set my own fees.
    Sad but true…
    I wonder if they are also into mining Crypto, that could explain why is set as it is…
    Bye Exodus.

  9. Hey, so say we all adopt BTC. People buying groceries and packs of gum with btc. Say I earn 0.0001BTC per transaction from my store selling ice-cream. Great I've earned 1 BTC per month. Now i try to spend it and my fees are enormous! Won't significant portion of the "BTC Economy" go to the fees? Will we need to spend significant amount of electricity and chip manufacturing capabilities just to run this operation? Is currently this "significant portion" more than 100% of our chip making and energy production capacity?

    No wonder BTC did not catch on, if this is true, I can't see it becoming too mainstream.

  10. Hi, I have a question I invested in a company that trade bitcoin. And after my account got profit, they asked for, upgrades, mining & registration fees. I paid that but now they claim they need withdraw activation fees before I can withdraw my money and I just wanna ask if this withdraw activation fee is something legit in bitcoin?

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